Tanzania’s President Samia Suluhu Hassan held talks with an African Development Bank delegation led by vice president Beth Dunford to boost the East African country’s agricultural production and food security. The meetings, held on 27 June, covered various development issues, including the Bank’s recognition of Tanzania’s progress in developing its agriculture sector following...

The West African Economic and Monetary Union (WAEMU) is poised to reach a significant milestone. The renewal of the Convergence Pact, the return of Mali, and a comprehensive overhaul of statutes point to a new era of integration and economic stability in the Union. Introduced in 2015 by the WAEMU States, the Convergence Pact was suspended in April 2020 to provide greater flexibility in managing...

Equity BCDC, a subsidiary of East African financial group Equity, has reached an agreement with Proparco for a $10 million guarantee. This is the second deal of the kind between the two parties, and it aims to boost access to financing for BCDC’s customers, with a focus on SMEs. On July 5, 2023, the Congolese commercial bank Equity BCDC finalized a guarantee agreement with Proparco. It is...

The South African government is implementing various initiatives to boost the adoption of high-speed internet as part of its digital transformation goals. Official statistics reveal that 90% of South African households lack access to internet at home. The South African government plans to connect 1.7 million households to high-speed internet, according to Mondli Gungubele, Minister of...

The 2020 finance law in Nigeria mandates a 5% excise tax on telecom services. It aimed at generating approximately $195 million for the government. President Bola Ahmed Tinubu of Nigeria ordered the suspension of the 5% excise tax on telecommunications services in the country, along with other taxes. Dele Alake, the President’s special advisor for special tasks, communication, and...

Africa’s first woman in space has called for regional and global efforts to enable more Africans to participate in space exploration as part of efforts to advance the continent’s socioeconomic transformation. Sara Sabry, a young Egyptian astronaut, and founder of the Deep Space Initiative made the call on Tuesday 4 July during a panel at the Africa50 Infra Forum and General Shareholders...

According to the 2023 Tax Transparency in Africa progress report unveiled at the 13th Meeting of the Africa Initiative in Cape Town today, African countries have realised additional revenues totalling €1.69 billion thanks to voluntary disclosures, the implementation of information exchange mechanisms, and rigorous offshore investigations. From 2009 through 2022, these measures have...

The Kenyan president decided to lift the 6-year-old ban on logging. And not everyone is pleased by the decision. William Ruto, the President of Kenya, recently announced the lifting of a six-year ban on logging in the country. The decision, reported by local media, aims to create jobs and boost local economies. In addition, a tax has been imposed on all imported furniture to promote local...

Somalia has been grappling with an unfavorable economic environment for several years. In 2022, its economic growth slowed by 0.9 basis points compared to the previous year. According to a report released by the Somali National Bureau of Statistics (NBS) on Tuesday, July 4, Somalia's economic growth decelerated from 3.3% in 2021 to 2.4% in 2022. The NBS attributes this slowdown to factors such...

Barely a month after its first closing at €57 million, the venture capital fund uMunthu II has a new investor. The arrival and consequent investment will help Goodwell, co-manager of uMunthu II, expand its portfolio of companies. On July 4, Invest International announced a €10 million ($10.8 million) investment in uMunthu II. This investment is part of the fund's initial closing,...